What You Have to Know
- The agency is creating a brand new unit, GWM Options, to convey varied wealth choices underneath one roof.
- Michael Camacho, previously of JPMorgan, will lead wealth administration within the U.S. for UBS beginning in September.
- UBS is also quickly progressing with its integration of Credit score Suisse, which it took over final yr.
UBS Group AG is reorganizing its world wealth administration arm within the first main transfer by its new leaders Rob Karofsky and Iqbal Khan, pursuing its long-standing purpose of bringing extra funding companies to its ultra-rich consumer base.
As a part of the transfer, UBS will create a brand new unit — dubbed GWM Options — that can convey varied wealth choices underneath one roof, in accordance with a memo seen by Bloomberg Information.
Former Credit score Suisse wealth banker Yves-Alain Sommerhalder will lead the unit, which incorporates choices equivalent to funding administration, lending, household and institutional wealth and different investments, the memo mentioned.
As a part of the push, Michael Camacho is becoming a member of UBS, the memo mentioned. The JPMorgan Chase & Co. veteran will lead wealth administration within the U.S. and can begin in September.
The organizational adjustments come a few month since UBS introduced a brand new management construction.
In Might, funding financial institution head Karofsky was appointed to run its U.S. enterprise and collectively oversee wealth with Khan, who was the only head beforehand. Khan will relocate to Asia and was additionally made president of the Asia-Pacific area.
Each bankers, who’re seen as potential successors to Chief Govt Officer Sergio Ermotti, are getting into new territory to broaden their data of the general agency. Khan has spent most of his profession in wealth administration, whereas Karofsky has a markets background.
UBS is quickly progressing with the mixing of Credit score Suisse, which it took over final yr in a Swiss government-orchestrated rescue. A part of that features build up within the U.S.